On August 5, 2003, Acetex Corporation and AT Plastics Inc. completed their three-cornered amalgamation resulting in AT Plastics becoming a wholly owned subsidiary of Acetex. Under the terms of the merger, shareholders of AT Plastics exchanged each of their common shares for one-sixth of one Acetex common share. Former AT Plastics shareholders now own approximately 25 per cent of the issued and outstanding common shares of Acetex. The total value of the transaction was approximately $200 million.
AT Plastics was represented in Canada by Aird & Berlis LLP, with a team that included Margaret Nelligan, James McVicar, Sonia Yung and Kyler Wells (corporate/securities), Jill Fraser (banking), Eldon Bennett (employment) and Barbara Worndl and Carol Burns (tax); and in the U.S. and France, by White & Case LLP, with a team that included Kevin Keogh and Martin Glass (corporate/securities) and John Narducci and Mario Fulgieri (tax), and with a group led by Bernard Teze (French corporate, regulatory and tax) that included Damien Schmitt, Clara Poirier, Manuel Ladaud, Angelique Lenain Laupretre and Laure Muller.
Perry Partners and Perry Partners International Inc., collectively the holders of 28 per cent of the common shares of AT Plastics, were represented by Stikeman Elliott LLP, with a team that included Brian Pukier and John Ciardullo (corporate/securities), supported by Ken Ottenbreit and Philippe De Montigny, and John Lorito and Roanne Bratz (tax).
Acetex was represented in Canada, by Burnet, Duckworth & Palmer LLP with a team that included David Ross, Bill Maslechko, Jay Reid and Jeff Oke; and in the U.S., by Skadden, Arps, Slate, Meagher & Flom LLP with a team that included Phyllis Korff, Richard Aftanas, Yossi Vebman and Nathan Marinoff.